Olivia Woods
Enbridge’s CEO Al Monaco said on Friday that the federal government’s new clean energy development incentives would significantly improve Canada’s capacity to attract investment capital.
During a conference to discuss the company’s Q3 financial reports, Monaco said Enbridge is encouraged by initiatives released by Finance Minister Chrystia Freeland on Thursday.
The federal government is establishing two new federal tax credits for clean technology and low-emitting hydrogen production to promote the development of low-carbon energy solutions and to keep Canada competitive with the U.S. and its huge Inflation Reduction Act.
“I think it’s recognized from what I read last night that you’ve got to be competitive. And I think, as I said, this will try to close the gap so that we get our share in Canada of investment dollars,” said Monaco. “My read of this early on is it will be attractive for business here, both in terms of Canada attracting capital, but also for us specific to our business generally.”
According to the fiscal update, new investment measures to encourage growth in electric vehicle and battery manufacturing as well as the details of the promised tax credit for clean hydrogen production are still in the works.
Enbridge has committed to reaching net-zero greenhouse gas emissions by the year 2050. The company moves around 30% of the oil produced in North America and approximately 20% of the natural gas consumed in the United States.
On Friday, Enbridge reported a quarterly profit of $1.28 billion, up from $682 million from last year’s Q3.
Original source material for this article taken from here
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